Member Info for cholseyn

I see the share price rising subject to the 3 "ifs". If the mine can hit and maintain its expected output of 125ktpa and transport freely. If the price of spod continues to rise and if there is stability with MG. Agree that Hainan already have control but would they like 100% and what better time to do it when there is a general feeling the price is undervalued. If you add in to that they may consider Bernard, Steve Z and other production costs to be expensive and they will have had a chance to have a good look then takeover becomes more of a possibility. However of paramount importance to Hainan will be to get Stage 2 up and running and if they think this will be achieved more efficiently under the current set up then why change? I think there is more behind the arbitration issue then Bernard has said but that is a plus for shareholders hoping for a boost to the shares from a takeover.

Lav. I am reading that there are pressures on the share price of small Lithium miners. The valuation that Huayou has put on ALL is the share price + whatever lowest premium it thinks it can offer to get the deal through. For those who are saying the share price of Kodal is undervalued the answer is simple, go and buy some more. I have just topped up with 1m shares at 0.3185 on the chance that Hainan will decide to buy Kodal out.

This may help.

https://www.thearmchairtrader.com/uk-shares/chinese-group-makes-its-move-on-atlantic-lithium/

I don't buy into this story the shares are massively undervalued. They are at the SP for a reason and although Kodal have a minority interest in a producing mine it will not see any income into Kodal for a while. The problem with the ALL deal is that it is just a 26% premium and if similar were offered for Kodal tomorrow that would only be 0.4p. As it is ALL shares are back down so it looks as if the shareholders are not supporting the deal as I would hope Kodal shareholders wouldn't for a similar uplift.

Hey B/fd people are asking when the cash is expected to flow into Kodal and no one seems to know the answer. This is the point I raised yesterday. You had better start pumping out loads of agressive emails, very busy day ahead. I am hoping Bernard casts an eye over this Board and will decide it is time to get an RNS out.

Bfd. It is not just me try reading Badomen's well constructed points.

From Shareprices.com. Closing SP of Kodal 2 March 0.41, 3 March 0.35, 4 March 0.33.

Where did I say AIM is a rational market? I think companies listed on AIM do so for one main reason, raising cash which is usually in the form of dilution. Shareholders have the choice of holding long term and riding the peaks and troughs or dipping in and out when they think a placing is coming. Each to their own. Sorry I don't know anything about ALL. I do know Bernard is very well paid for his role and he is confident in interviews but somehow the tricky questions never come up. I don't think he is different from any other AIM CEO in that respect. Whilst he does say the right things about looking after shareholders its his actions for example in dealing with Hainan that should be scrutinised. As he would say though, look we are mining a world class asset.

Oh dear oh dear "There's none so blind as those who will not see".

On the day of the announcement of the arbitration the share price fell from 0.41 to 0.33 a fall of 19.5%. Looks like your view of a grown up relationship wasn't shared by many.

Yes KMUK are entitled to the loan repayments but Hainan can decide when the payments are made and what to do with the profits in KMUK so long as both parties are treated equallly. This puts them in a very strong position.

The problem with this board is that there are senior posters who think they are always right and anyone who should dare to hold a differing view should be shot down. The point is that the share price can only grow healthily when new investors come on board and they will judge the company on its openness and on tidying up issues like the arbitration.

Bfd. Negative way? If you read my posts they are very positive about what has been said in the RNS. There may be good reasons why Bernard hasn't given more details on the costs but I wish he would say what they are. I read posts which seem to say , the mine is going well so why isn't the share price higher and I am saying it is more complicated then that.

1. Hainan do have a majority shareholding in KMUK and that is a fact. What powers does that give them? I would say the right to decide when payments are made into KMUK and to decide what happens to that money. That means to be retained or distributed but must be done on a basis equal for both parties.

2. Costs. I hope you are right but until we see some figures neither you or me know.

3. Arbitration. I will ask you the same question as Lav. How many other mining JVs are in Arbitration please? Bernard's view was that there is this issue which we can not resolve so we have parked it. In the meantime we will carry on doing what we do and the latest RNS backs that up. I would love to ask Hainan "Are there any issues you are unhappy with?"

4. Income to date is what $80m? If costs are low then there are significant profits which will eat up set up and operating costs and my estimate of "a couple" of years before paying Corp tax may not be too far out, which again is a good thing.

So yes, lots of positives and I am a shareholder because I think the share price will multiply several times over 3 years but there are risks. This is AIM, the mine is in Mali and the price of Spod.

Compo. deluded and embarrasing not worth replying to. Lav agreed, all that Bernard can do is concentrate on delivery of quality and quantity of production. SP will reflect this, the price of Spod and geopolitical events.

Compo. Read the structure. The mining company is LMLB which is owned 65% KMUK and 35% Mali Govt. This is the company that is receiving the turnover and incurring production costs. Out of the profit, whatever that maybe, it will need to pay Corp tax to the Mali Govt, hopefully set up costs will negate that for a couple of years and from the retained reserves pay dividends to Mali Govt and KMUK. Bernard has said that KMUK will fund Stage 2. It would make sense to borrow using the LMLB cash flow to get Stage 2 up working sooner. How much and when cash will go to Kodal is unknown but there is undeniably value in the Bougouni Mine asset.

Lav. I am sure you are right but how many other mining JVs are in Arbitration at this time? However you dress it up the relationship is strained but not to the point of broken. Bfd, grateful for your contribution, would you like to expand why you think my post is wrong? My post was more in reply to others who can not understand why the share price is linguising. I am not deramping just being realistic. I recall the phrase "turnover is vanity, profit is sanity".

Anyone else reading into this what we are told and what we are not told? On what we are told all good on shipments and quality of Spod. What we are not told is cost of production and any tranfer of money from LMLB. I get the impression that Hainan are tolerating Kodal but the arbitration could imply they are restricting the transfer of cash and the Nielle Licence decision could have been cost saving by Kodal. If no updates, some info will be revealed from the KMUK accounts to 31 Dec 2025 due hopefully end of June. Kodal will need to show determination that they won't be squeezed thus giving Hainen the decision to carry on as is or buy Kodal out.

Keytruda with annual sales of $30bn sales in 2025. One day this could be us, Rodney.

80M now number 3 in LSE Aim Top risers. Song going around in my head from the Carpenters "We've only just begun."

Owning shares is a marathan not a sprint.

Something is brewing...

Copied from Page 17 Dec 2024 KMUK accounts.

Included within Operating expenses is a US$15m payment to the State of Mali (State) payable under the terms of the MOU between the Company and the State to finilise the transfer of the mining licence to the mining company LMLB. The cash payment is due in 2 instalments.

If Hainan didn't agree with this why did they sign off the accounts? Either way this has built up to an issue between the parties which has soured the relationship. If Hainan win then the relationship continues as soured or Bernard resigns. If Kodal win then I am hoping Hainan put in a bid the next day to buy Kodal out.

This whole situation is daft from Kodal. Who will be making the decision on the arbitration? I am guessing the Mali Government who are friends with the Chinese. Sometimes even if you know you are right it is better in the long term to reach an agreement. If Kod need cash they could always raise it from investors and they should have done this earlier. There is something which has clearly upset Hainan and I think it goes deeper than US$15m. Why Hainan with its wealth, doesn't want to take out Kod with a $100m bid, a 42% increase on current values defeats me unless it thinks it could buy for cheaper.

I started off thinking £1 a share is easily possible from the information known about the company. I still think that is possible perhaps better but as time has gone on so my level of expectation has wobbled and I am now thinking 60p a share would be wonderful. I am hoping that Tim is made of sterner stuff than me!

Last year Immupharma attended the Bio -Europe Spring Conference so just checked their website and this year's conference is March 23-25 in Lisbon. Immupharma put out an RNS 3 days before the conference last year to state they were attending but I would be suprised if they booked it then. The 2026 conference includes a list of attendees and I can't see Immupharma's name on the list. I am taking this as a positive.